KFAED, Morocco sign 7 agreements

The Kuwait Fund for Arab Economic Development (KFAED) signed here on Thursday seven agreements to finance development projects in Morocco within the framework of the grant allocated by the State of Kuwait, amounting to USD 1.250 billion as part of the Gulf Cooperation Council's (GCC) development program. KFAED's Director-General Abdulwahab Al-Bader told Kuwait News Agency (KUNA) following the signing of the agreements with the Moroccan side, represented by the Minister of Economy and Finance Nizar Baraka, that the agreements come in activation of the strategic partnership between Morocco and the Gulf Cooperation Council to implement the financing of specific projects. Al-Bader added that the agreements will cover funding seven different development projects in Morocco including roads, ports, dams, agriculture, health, education and higher education. He said that the projects will be financed during the next five years on the basis of USD 250 million a year. He pointed out that the total cost of the project is estimated at about USD 312.3 million, of which approximately USD 125 million will be disbursed from the proceeds of the grant over five years.